REG - MavIncGroVCT4 - Half-year Report
29/08/2025 07:00
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RNS Number : 1065X Maven Income & Growth VCT 4 PLC 29 August 2025
Maven Income and Growth VCT 4 PLC
Interim Results for the Six Months Ended 30 June 2025
Highlights
• NAV total return at 30 June 2025 of 153.32p per Ordinary Share
• NAV at 30 June 2025 of 56.72p per Ordinary Share
• Increased interim dividend of 2.75p per Ordinary Share paid on 29
August 2025
• Offer for Subscription closed early, fully subscribed, raising £10
million
• Four new private companies added to the portfolio
• In early July 2025, the material realisation of Horizon Ceremonies
completed, generating an initial return of 2.33x cost and over £5 million in
cash, with the potential for further deferred proceeds
• New Offer for Subscription to be launched in early Autumn 2025
Overview
Your Company has delivered a resilient performance during the first half of
the financial year. Most of the companies in the private equity portfolio have
continued to make positive progress and achieve scale, which has resulted in
the valuations of certain holdings being uplifted. Conversely, AIM continues
to be a challenging market, and the value of your Company's AIM quoted
portfolio has declined further, which has modestly impacted performance. Over
recent years, your Company's exposure to AIM has been reducing and now
represents less than 2% of NAV. The Manager will continue to focus on
narrowing this portfolio to a small number of conviction holdings where there
is scope for M&A activity, with new investment activity concentrated on
expanding the private equity portfolio where the Manager continues to see good
demand for growth capital. It is, therefore, encouraging that, on 1 April
2025, the most recent Offer for Subscription closed early, fully subscribed,
having raised £10 million. With good levels of liquidity, your Company is
well positioned to continue to progress its investment strategy, which is
focused on expanding the unlisted portfolio in size and scale through the
selective addition of ambitious and entrepreneurial businesses with high
growth potential. In the year to date, four new private companies have been
added to the portfolio and, shortly after the period end, the exit from
Horizon Ceremonies, the largest holding in the portfolio, completed. Further
to this material realisation, the Directors were pleased to declare an
increased interim dividend of 2.75p per Ordinary Share, which was paid to
Shareholders on 29 August 2025.
During the period under review, the macroeconomic outlook has been dominated
by ongoing geopolitical tensions, with domestic growth prospects remaining
subdued as the full impact of the Autumn 2024 budget filters through the
economy. Against this backdrop, it is encouraging to report that your Company
has delivered a resilient performance, which helps to demonstrate the strength
of the investment strategy and its ability to support long term growth in
Shareholder value.
The previous financial year was your Company's most successful period for
realisations from the growth portfolio, with the completion of seven
profitable private company exits to a range of private equity and trade
buyers. Following this high level of M&A activity, a key priority for the
new financial year has been to maintain a steady rate of investment to
replenish the portfolio through the addition of high growth companies, whilst
also providing follow-on funding to support those portfolio companies that are
making commercial progress and where additional growth capital can help to
expedite their expansion plans. It is pleasing to report that, during the
period under review, £4.8 million was deployed, with four new private
companies added to the portfolio alongside the provision of follow-on funding
to support the growth and progression of 17 existing portfolio holdings.
The Manager continues to see good demand for growth capital across its network
of regional offices and maintains a focus on identifying entrepreneurial
companies, with strong management teams, that operate in disruptive or high
growth sectors such as cyber security, data analytics, regtech, speciality
software and training, where growth is less sensitive to consumer or
discretionary spending and where revenues tend to be contracted and recurring
in nature. Having an established level of recurring revenues provides the
Manager with a key metric against which progress and commercial traction can
be monitored and measured. It is also an important benchmark that potential
acquirers will review when evaluating the rate of progression of a business
and its growth potential. Notably, several of the earlier stage businesses in
the portfolio are now achieving scale, with annual recurring revenues (ARR)
reaching, or exceeding, the important milestone of £5 million, which is
generally regarded as a key inflexion point in order to attract potential
buyers. There are a number of high performing companies in the portfolio that
are establishing strong positions in their respective markets, both in the UK
and internationally, and which have the potential to deliver superior returns
at exit.
A notable development, shortly after the period end, was the material
realisation of Horizon Ceremonies, the owner and operator of three established
crematoria. Your Company first invested in Horizon Ceremonies in 2017, backing
an experienced team with a clear strategic objective to build, own and operate
a portfolio of next generation crematoria located across the UK, in areas that
were historically underserved or where the existing facility was outdated.
Horizon's crematoria have quickly become important community facilities and
have consistently received industry recognition and awards for their
exceptional service and support to families. Having received several
unsolicited acquisition approaches, a competitive exit process was initiated
in 2024, with the sale to UK pension fund, Railpen, completing in early July
2025. The exit generated an initial return of 2.33x cost, and over £5 million
in cash, with potential for further deferred proceeds, contingent on planning
approval being granted at two well progressed sites.
Enhanced Dividend Policy
The Directors understand the importance of tax free distributions to
Shareholders and, as announced in the 2024 Annual Report, have enhanced the
dividend policy by increasing the target annual yield from 5% to 6% of NAV per
Ordinary Share at the immediately preceding year end.
Shareholders should be aware that this remains a target and that decisions on
distributions take into consideration a number of factors including the
realisation of capital gains, the adequacy of distributable reserves, the
availability of surplus revenue and the VCT qualifying level, all of which are
kept under close and regular review. As the portfolio continues to expand and
the proportion of younger, growth companies increases, the timing of
distributions will be more closely linked to realisation activity, whilst also
reflecting the requirement to maintain the VCT qualifying level.
Increased Interim Dividend
In line with the new policy and following the successful realisation of
Horizon Ceremonies, an increased interim dividend of 2.75p per Ordinary Share,
in respect of the year ending 31 December 2025, was paid on 29 August 2025 to
Shareholders who were on the register at 25 July 2025. Since the Company's
launch, and including this interim dividend, a total of 99.35p per Ordinary
Share has been paid in tax free distributions. It should be noted that the
payment of a dividend reduces the NAV of the Company by the total amount of
the distribution.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time,
elect to have their dividend payments utilised to subscribe for new Ordinary
Shares issued under the standing authority requested from Shareholders at
Annual General Meetings. Ordinary Shares issued under the DIS are free from
dealing costs and should benefit from the tax reliefs available on new
Ordinary Shares issued by a VCT in the tax year in which they are allotted,
subject to an individual Shareholder's particular circumstances.
Shareholders can elect to participate in the DIS in respect of future
dividends by completing a DIS mandate form and returning it to the Registrar
(The City Partnership). The mandate form, terms & conditions and full
details of the scheme (including tax considerations) are available from the
Company's webpage at: mavencp.com/migvct4 (https://mavencp.com/migvct4) .
Election to participate in the DIS can also be made through the Registrar's
online investor hub at: maven-cp.cityhub.uk.com/login
(https://maven-cp.cityhub.uk.com/login) .
If a Shareholder is in any doubt about the merits of participating in the DIS,
or their own tax status, they should seek advice from a suitably qualified
adviser.
Offer for Subscription
On 1 April 2025, your Company's most recent Offer for Subscription closed
early, fully subscribed, having raised a total of £10 million, including the
£5 million over-allotment facility, for the 2024/25 and 2025/26 tax years.
All new Ordinary Shares in relation to this Offer have now been allotted, with
four allotments completed for the 2024/25 tax year and one allotment for the
2025/26 tax year.
This additional liquidity will facilitate the further expansion and
development of the portfolio in line with the investment strategy. The funds
raised will also allow your Company to maintain its share buy-back policy,
whilst also spreading costs over a wider asset base, with the objective of
maintaining a competitive ongoing charges ratio for the benefit of all
Shareholders.
As announced on 16 July 2025, the Directors have elected to launch a new Offer
later this year, alongside Offers by the other Maven managed VCTs. Full
details will be included in a Prospectus, which is expected to be published in
early Autumn 2025.
Portfolio Developments
During the first half of the financial year, most of the companies in the
private equity portfolio have continued to meet operational and financial
targets, as set out in their business plans. It is pleasing to report that the
valuations of certain private companies have been uplifted in line with the
progress achieved.
Since your Company first invested, carbon reduction software specialist
Manufacture 2030 (M2030) has consistently delivered strong revenue growth,
with ARR more than doubling in two years and projected to increase further
throughout the current year. M2030 operates in a rapidly growing sector, where
it provides a disruptive software solution that allows large corporates and
multinationals to achieve Scope 3 carbon reduction targets by measuring,
managing and reducing carbon emissions across their supply chain, with the
objective of achieving the targets set out in the United Nations' Sustainable
Development Goals. The business continues to expand its blue chip client base
and has added six new large corporate customers to the platform so far this
year. M2030 maintains a strong pipeline of opportunities and a near term
objective is to expand its presence in North America, which is a key growth
market.
Contract software specialist Summize continues to deliver impressive growth
and trade ahead of budget. In the past two years, the business has achieved
over 100% growth in ARR and is on track to outperform its targets again this
year. Summize has developed an artificial intelligence (AI) powered digital
contracting software solution that simplifies and streamlines the process for
writing and renewing contracts, helping to drive operational efficiencies for
customers, and continues to see strong demand both in the UK and US. In Autumn
2023, the business opened its first international office in Boston to launch
its US expansion strategy, and has subsequently experienced rapid growth in
that market, with more than half of total sales now generated from US clients
with significant future growth potential. In April 2025, Summize was awarded
5th place in the Top 100 League Table at the GP Bullhound 2025 Northern Tech
Awards, whilst also winning the Judge's Innovation Award. The management team
is highly ambitious and remain focused on growing the client base and
increasing ARR, both in the UK and US.
In the two years post investment, specialist training software provider Bud
has made significant progress, growing its client base and has achieved a near
doubling in both ARR and learner numbers. Bud's integrated platform provides
an end-to-end solution for training providers, universities and colleges and
employers delivering apprenticeships, covering enrolment, training delivery,
learner management, and compliance through one portal. A core benefit of the
solution is that it streamlines processes and reduces administrative tasks,
whilst also ensuring ongoing compliance with specific funding requirements to
minimise the risk of clawback. The business has a healthy pipeline of
prospective opportunities and the outlook for the remainder of the year is
encouraging, supported by the forthcoming changes to the Growth and Skills
Levy, which were outlined in the Autumn 2024 Budget.
Demand responsive transport software provider Liftango also continues to make
encouraging progress and is expanding its market presence and global
footprint, with live projects currently operating in six continents. The
business provides the technology to support on-demand transport programmes,
which enable users to plan, launch and scale shared mobility projects that
reduce costs by optimising routes, whilst simultaneously addressing
sustainability goals such as lower vehicle usage, which helps to decrease
carbon emissions and combat localised congestion. Having achieved success in
Australia and the UK, Liftango is now focused on expanding into international
markets, with the Middle East and the Americas identified as key growth
territories. The business works with many Fortune 500 companies, as well as
large global bus operators and government transport agencies, and is well
positioned to deliver further growth as it secures new contracts and expands
its market position.
Against a backdrop of ongoing geopolitical tension and with several recent
high profile cyber attacks causing significant operational disruption to
mainstream UK retailers, cyber security specialist CYSIAM continues to
experience strong demand for its products and services as clients seek to
bolster their cyber defences. The business continues to expand its Managed
Detection and Response (MDR) service, which provides protection against,
detection of and response to cyber attacks within a software as a service
(SaaS) wrapper, with a valuable recurring revenue stream. In May 2025, CYSIAM
was named European Rising Star Partner of the Year at the Crowdstrike Europe
Partner Symposium. Crowdstrike are a NASDAQ listed global cyber security
leader and this award recognises the contribution of its partners to help
customers to prevent breaches and enhance cyber security. The cyber security
market remains a high growth area and CYSIAM is well placed to continue to
scale and achieve the financial and strategic objectives within the business
plan.
In November 2024, your Company invested in RiskSmart, an early stage regtech
business operating in the risk management sector. The business has developed a
risk management platform that leverages data insights and machine learning to
provide real time information to help transform how businesses manage
governance, risk and compliance. Since investment, RiskSmart has delivered
strong growth in ARR and currently has over 60 clients, which is an increase
of almost 100% over a 12 month period. RiskSmart has a strong pipeline of new
opportunities and is on track to further increase ARR through the remainder
of the current year. The business is run by an ambitious and experienced team
and was recently named one of Prolific North's Tech Scale ups to Watch 2025,
which spotlights the most dynamic, ambitious and high growth technology
businesses across the North of England.
As may be expected with a large portfolio of growth focused businesses, there
are a small number of investee companies that have not achieved their
commercial targets and are trading behind plan. In certain cases, valuations
have been reduced to reflect the slower than anticipated progress, with
provisions taken against the cost of a small number of specific holdings. In
addition, the Manager elected not to provide further funding to Real World
Health and the valuation was written down in full. The company entered
administration in February 2025.
As previously noted, this has been another challenging period for AIM, with
investor appetite for smaller quoted equities remaining subdued. Low levels of
liquidity have also resulted in high volatility with share prices responding
disproportionately to limited news flow or trading activity. The Manager
retains a highly selective approach to supporting new AIM investment
opportunities and, during the period, only completed one small follow-on
transaction.
Treasury Management
The Board and the Manager maintain a proactive approach to treasury
management, where the objective remains to optimise the income generated from
cash held prior to investment in VCT qualifying companies, whilst meeting the
requirements of the Nature of Income condition. This is a mandatory part of
the VCT legislation, which stipulates that not less than 70% of a VCT's income
must be derived from shares or securities.
Your Company has a diversified portfolio of treasury management investments
with strong fundamentals and attractive income characteristics, comprising of
money market funds (MMFs), open-ended investment companies (OEICs) and London
Stock Exchange listed investment trusts, with the remaining cash held on
deposit across several UK banks in order to minimise counterparty risk. This
strategy ensures ongoing compliance with the Nature of Income condition,
whilst also providing a healthy stream of income that currently generates a
blended annualised yield of over 3% across the combined treasury management
portfolio and uninvested cash. It is worthwhile highlighting that this is a
dynamic portfolio, which will vary in size depending on your Company's rate of
investment, realisations and overall liquidity levels. Full details of the
treasury management holdings can be found in the Investment Portfolio Summary
in the Interim Report.
New Investments
During the reporting period, four new private companies were added to the
portfolio:
• Blackdot Solutions is a developer of an advanced intelligence and
investigations software solution that supports risk, compliance and client
onboarding teams across a variety of industries, including Government,
criminal law and financial services. Blackdot's propriety platform Videris
aggregates and analyses open source intelligence (OSINT) from a wide range of
public sources including the internet, social media and the dark web,
alongside more conventional routes such as Moody's and Dun & Bradstreet.
This capability provides clients with the most comprehensive and up to date
information to identify threats, mitigate risks and ensure ongoing compliance
with complex regulatory standards. The OSINT market is experiencing rapid
growth and, as an early entrant, Blackdot is well positioned to capitalise on
rising demand for advanced data analytics and risk management tools. The
funding from the Maven VCTs is being used to increase headcount, with a focus
on technical expertise, enhancing product development and driving growth in
both new and existing markets.
• Digilytics is a provider of an AI enabled solution that automates loan
application processing. The platform uses machine learning and large language
models to read and extract data from key documents such as payslips, bank
statements and utility bills, ensuring both consistency and completeness. It
then evaluates the application against
eligibility criteria and affordability metrics, while also screening for
potential fraud. Digilytics helps lenders to reduce costs and error rates,
whilst improving the response time for applicants. The funding from the Maven
VCTs is being used to support the sales and marketing function and invest in
product development. The near term objective is to launch in the US, where
there is an identified market opportunity.
• Kani Payments is a developer of a SaaS based financial reporting and
reconciliation platform, serving fintechs, challenger banks, and payment
processors. As well as providing instant reconciliation of large data sets,
Kani's solution facilitates the automation of transaction payments, regulatory
and financial reporting, which remains a largely manual and spreadsheet based
process, even for sizeable financial institutions. The business is led by an
experienced team with a successful track record of scaling a similar cloud
based payment processing business from startup through to profitable exit. The
funding from the Maven VCTs is being used to accelerate product development,
including adding new features that are due to launch later in 2025, make a
number of strategic sales and marketing hires to widen the business's reach,
and to support expansion into Europe and North America, where there is
significant growth potential.
• PowerPhotonic is an established designer and manufacturer of a wide range
of precision micro-optics products for use within lasers. Using proprietary
manufacturing processes and equipment the company designs and manufactures
high quality wafer scale freeform optics with advanced properties that are
designed for application in three core markets, the largest of which is the
defence sector. The business is also expanding its presence in the life
sciences sector, with applications in precision medical devices and
instrumentation. It also has a presence in the advanced manufacturing sector
where it focuses on beam shapers to make industrial processes more efficient.
With strong levels of IP, PowerPhotonic has a defendable market position and
the funding from the Maven VCTs is being used to support growth by
facilitating the expansion of the sales and marketing team to help the
business increase its revenue base, and extend its presence in the UK and US.
The following investments were completed during the reporting period:
Investments Date Sector £'000
New unlisted
Arimon Limited March & June 2025 Software & technology 504
(trading as Digilytics)(1)
Blackdot Solutions Limited January 2025 Software & technology 995
Kani Payments Holdings Limited February 2025 Software & technology 348
Kerrera TopCo Limited April 2025 Software & technology 129
(trading as Kube Networks)(2)
PowerPhotonic Limited June 2025 Software & technology 325
Total new
unlisted
2,301
Follow-on unlisted
Alderley Lighthouse Labs Limited May 2025 Pharmaceuticals, 137
biotechnology & healthcare
AMufacture Limited May 2025 Industrials & engineering 124
DiffusionData Limited(3) February & March Software & technology 155
2025
Filtered Technologies Limited(3) February & May Learning & development/ 122
2025 recruitment technology
Fixtuur Limited (formerly May 2025 Software & technology 200
Shortbite Limited)
Laverock Therapeutics Limited June 2025 Pharmaceuticals, 348
biotechnology & healthcare
Liftango Group Limited February 2025 Software & technology 250
mypura.com Group Limited June 2025 Business services 105
(trading as Pura)
Nano Interactive Group Limited January 2025 Marketing & 102
advertising technology
Plyable Limited March 2025 Software & technology 130
Relative Insight Limited June 2025 Marketing & 100
advertising technology
RevLifter Limited March 2025 Marketing & 159
advertising technology
Sensoteq Limited March 2025 Software & technology 185
The Algorithm People Limited April 2025 Software & technology 66
(trading as Optimize)
XR Games Limited February 2025 Software & technology 12
Zinc Digital Business Solutions March 2025 Software & technology 162
Limited
Total follow-on unlisted
2,357
Total unlisted
4,658
Follow-on AIM quoted
GENinCode PLC March 2025 Pharmaceuticals, 126
biotechnology & healthcare
Total follow-on AIM quoted
126
Total AIM quoted
126
Infrastructure investment trust(4)
Foresight Solar Fund Limited May 2025 Investment trust 125
Total infrastructure investment trust
125
Real estate investment trusts(4)
Land Securities Group PLC May 2025 Investment trust 107
Tritax BigBox REIT PLC May 2025 Investment trust 152
Total real estate investment trusts
259
Money market funds(4)
Aviva Investors Sterling Government February 2025 Money market fund 1,000
Liquidity Fund (Class 3)
Aviva Investors Sterling Liquidity March 2025 Money market fund 1,000
Fund (Class 3)
BlackRock Institutional Sterling April 2025 Money market fund 1,000
Liquidity Fund (Core)
Fidelity Institutional Liquidity May 2025 Money market fund 500
Sterling Fund (Class F)
Goldman Sachs Sterling Government March 2025 Money market fund 1,000
Liquid Reserves Ireland (Institutional)
Total money market funds
4,500
Total investments
9,668
(1 Investment completed in two tranches.)
(2 Your Company gained an equity holding in Kerrera TopCo Limited (trading as
Kube Networks Limited) as a result of an all share transaction involving the
acquisition of ISN Solutions Group Limited.)
(3 Follow-on investment completed in two tranches.)
(4 Investments completed as part of the treasury management strategy.)
At the period end, the portfolio comprised of 134 unlisted and quoted
investments, at a total cost of £75.63 million.
Realisations
In April 2025, ISN Solutions was acquired through an all share transaction by
Glasgow based specialist IT managed service provider Kube Networks as part of
a buy and build strategy. As a legacy portfolio holding, the acquisition
provides ISN with the opportunity to grow as part of a larger business and, as
part of the transaction, your Company has acquired an equity holding in Kube
Networks.
The table below gives details of the realisations completed during the
reporting period:
Realisations Cost of shares Sales proceeds Gain/(loss) over 31 December 2024 value
Year first Complete/ disposed Value at 31 £'000 Realised £'000
invested partial exit of December gain/(loss)
£'000 2024 £'000
£'000
Unlisted
ISN Solutions Group 2014 Complete 467 143 129 (338) (14)
Limited(1)
Total unlisted 467 143 129 (338) (14)
AIM quoted
Intelligent Ultrasound 2020 Complete 400 476 495 95 19
Group PLC
Others 25 4 8 (17) 4
Total AIM quoted 425 480 503 78 23
Infrastructure investment trust(2)
BBGI Global 2023 Complete 280 233 267 (13) 34
Infrastructure SA
Total infrastructure investment trust 280 233 267 (13) 34
Real estate investment trust(2)
Care REIT PLC 2023 Complete 236 196 260 24 64
Total real estate investment trust 236 196 260 24 64
Money market funds(2)
BlackRock Institutional 2024 Partial 1,000 1,000 1,000 - -
Sterling Liquidity Fund
(Core)
Fidelity Institutional 2024 Partial 1,000 1,000 1,000 - -
Liquidity Sterling
Fund (Class F)
Total money market funds 2,000 2,000 2,000 - -
Total realisations completed 3,408 3,052 3,159 (249) 107
during the period
(1 ISN Solutions Group Limited was acquired by Kerrera TopCo Limited (trading
as Kube Networks Limited) in an all share transaction. As a result, your
Company gained an equity holding in Kube Networks Limited.)
(2 Realisations were completed as part of the treasury management strategy.)
Material Developments Since the Period End
As highlighted earlier in this Interim Review, an exit was achieved from
Horizon Ceremonies following the period end. The sale generated an initial
return of 2.33x cost, with the potential for further deferred consideration if
planning consent is approved at two well progressed sites.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the Company were set
out in full in the Strategic Report contained within the 2024 Annual Report,
and are the risks associated with investment in small and medium sized
unlisted and AIM quoted companies which, by their nature, carry a higher level
of risk and are subject to lower liquidity than investments in larger quoted
companies. During the period under review, the Directors evaluated the
potential impact of political change on market stability, legislative
developments, and economic conditions. Following that review, the Directors
determined that this should be considered a principal risk. The valuation of
investee companies may be affected by economic conditions, the credit
environment and other risks including legislation, regulation, adherence to
VCT qualifying rules and the effectiveness of the internal controls operated
by your Company and the Manager. These risks and procedures are reviewed
regularly by the Risk Committee and reported to your Board. The Board has
confirmed that all tests, including the criteria for VCT qualifying status,
continue to be monitored and met.
Global conflict and political instability was added to the Risk Register as an
emerging risk during a previous period, as the Directors were not only aware
of the heightened cyber security risk but were mindful of the impact that any
change in the underlying economic conditions could have on the valuation of
investee companies. These included fluctuating interest rates, increased fuel
and energy costs, and the availability of bank finance, all of which could be
impacted during times of geopolitical uncertainty and volatile markets. The
Board and the Manager continue to monitor the impact of geopolitical issues,
and wider market conditions, on portfolio companies.
During the period under review, AI was added to the Risk Register as an
emerging risk to reflect the increased use of AI by either the Manager or
portfolio companies, which could lead to increased exposure to risks relating
to data protection, cyber security and intellectual property.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the
Company's shares and have delegated authority to the Manager to enable the
Company to buy back its own shares in the secondary market for cancellation,
or to be held in treasury, subject always to such transactions being in the
best interests of Shareholders. It should be noted that the Company cannot buy
back shares when it is in a closed period, which is the time from the end of a
reporting period until either the announcement of the relevant results or the
release of an unaudited NAV. Additionally, a closed period may be introduced
if the Directors or the Manager are in possession of price sensitive
information.
It is intended that the Company will seek to buy back shares with a view to
maintaining a share price that is at a discount of approximately 5% to the
latest published NAV per Ordinary Share, subject to various factors including
market conditions, available liquidity and the maintenance of the Company's
VCT qualifying status. During the period under review, 3,253,441 Ordinary
Shares were bought back at a total cost of £1.82 million.
Shareholders should note that neither the Company nor the Manager can execute
a transaction in the Company's shares. Any instruction by a Shareholder to buy
or sell shares on the secondary market must be directed through a stockbroker
of their choice. To discuss a transaction, the Shareholder's broker should
contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647
8132.
VCT Regulatory Update
During the period under review, there were no further amendments to the rules
governing VCTs, and your Company remains fully compliant with the complex
conditions and requirements of the scheme.
In the 2025 Spring Statement, the Chancellor confirmed that the UK Government
will continue to work with leading entrepreneurs and venture capital firms to
ensure that its policy supports the UK business environment, including the
role of tax relief schemes such as VCTs and the EIS. Through the VCT
Association (VCTA), of which the Manager is a founding member, and the
Association of Investment Companies (AIC), of which the Company is a member,
the Manager will remain actively involved in discussions with policy makers to
promote and reinforce the important role that VCTs play in supporting some of
Britain's brightest and most entrepreneurial smaller companies, and creating
regional employment opportunities.
Valuation Methodology
Consistent with industry best practice, the Board and the Manager continue to
apply the International Private Equity and Venture Capital Valuation (IPEV)
Guidelines as the central methodology for all private company valuations. The
IPEV Guidelines are the prevailing framework for fair value assessment in the
private equity and venture capital industry. The Directors and the Manager
continue to adhere to the IPEV Guidelines in all private company valuations.
In accordance with normal market practice, investments quoted on AIM, or
another recognised stock exchange, are valued at their closing bid price at
the period end. The Board and the Manager are cognisant of the FCA Review of
Private Market Valuations and will continue to prioritise governance as the
fundamental building block for robust valuation reviews, ensuring ongoing
accountability.
Environmental, Social and Governance (ESG)
Although your Company's investment policy does not incorporate ESG aims, and
portfolio companies are not required to meet any specific targets, Maven
recognises the importance of having a robust ESG framework and policy in place
when making new investments. Through its ESG and Responsible Investment
Policy, ESG considerations are taken into account during early stage due
diligence, thereby ensuring that all risks and opportunities are assessed
prior to an investment completing and can be monitored regularly thereafter.
The Manager continues to be an active signatory to the Principles for
Responsible Investment and the Investing in Women Code and, alongside these
external commitments, in 2024 formally launched a Female Founder Funding
Programme designed to support female founded businesses. During the period,
Maven has hosted eight workshops and funding clinics in key corporate finance
regions, engaging with over 60 businesses.
The Manager maintains awareness of forthcoming ESG regulations. In 2024, the
FCA introduced the Sustainability Disclosure Requirements, which apply to all
firms and include a labelling and naming regime alongside a new
anti-greenwashing rule. The Manager has ensured adherence with these new
requirements. Additionally, the Manager is aware of the Task Force for
climate-related Financial Disclosures (TCFD) and International Financial
Reporting Standards (IFRS) regulations and is actively preparing for
compliance.
Outlook
Although the economic outlook remains mixed, with good levels of liquidity and
a proven investment strategy, your Company is well placed to continue to
deliver growth in Shareholder value. In the second half of the year, a key
objective will be to maintain a healthy rate of new investment. Maven's
regionally based team of investment executives is currently assessing an
extensive pipeline of opportunities, which should result in several new
companies being added to the portfolio over the coming months. In addition,
the Manager will continue to assess exit opportunities which help to maximise
Shareholder value and support your Company's annual target dividend of 6% of
NAV at the immediately preceding year end.
Fraser Gray
Chair
29 August 2025
Summary Of Investment Changes
For The Period Ended 30 June 2025
Valuation Net investment/ (disinvestment) Appreciation/ (depreciation) Valuation
31 December 2024 £'000 £'000 30 June 2025
£'000 % £'000 %
Unlisted investments(1)
Equities 46,720 55.5 4,712 (294) 51,138 58.0
Loan stock 11,830 14.0 24 (122) 11,732 13.3
58,550 69.5 4,736 (416) 62,870 71.3
AIM Investments(2)
Equities 2,699 3.2 (584) (648) 1,467 1.7
Listed investments(3)
Investment trusts 5,882 7.0 (143) 32 5,771 6.5
OEICs 1,999 2.4 - 1 2,000 2.3
MMFs 5,000 5.9 2,500 - 7,500 8.5
Total investments 74,130 88.0 6,509 (1,031) 79,608 90.3
Cash
9,670 11.5 (1,541) - 8,129 9.2
Other net assets 432 0.5 (32) - 400 0.5
Net assets 84,232 100.0 4,936 (1,031) 88,137 100.0
(1 )These movements include the delisting during the period
of MaxCyte Inc from the Alternative Investment Market (AIM) to unlisted equity
holdings.
(2 )Shares traded on AIM.
(3 )These holdings represent the treasury management portfolio,
which has been constructed from a range of carefully selected, permitted
non-qualifying holdings in investment trusts, open-ended investment companies
(OEICs) and money market funds (MMFs).
Investment Portfolio Summary
As At 30 June 2025
Investment Valuation Cost % of % of % of equity held by other clients(1)
£'000 £'000 total equity
assets held
Unlisted
Horizon Ceremonies Limited 4,712 2,463 5.3 12.4 42.1
(trading as Horizon Cremation)
BioAscent Discovery Limited 4,338 1,532 4.9 26.1 13.9
Rockar 2016 Limited (trading as Rockar) 3,355 1,766 3.8 6.2 13.2
Bright Network (UK) Limited 2,709 1,706 3.1 9.8 29.3
WaterBear Education Limited 2,376 987 2.7 20.1 19.1
Ensco 969 Limited (trading as DPP) 2,147 1,532 2.4 7.4 27.1
2degrees Limited 2,024 922 2.3 5.0 32.7
(trading as Manufacture 2030)
Summize Limited 1,994 796 2.3 4.0 32.3
HCS Control Systems Group Limited 1,942 1,201 2.2 10.7 25.8
Bud Systems Limited 1,593 762 1.8 4.1 13.5
Liftango Group Limited 1,504 1,504 1.7 7.0 28.7
Zinc Digital Business Solutions 1,462 1,029 1.7 16.4 32.4
Limited
Vodat Communications Group (VCG) 1,427 1,240 1.6 8.4 23.5
Holding Limited
Relative Insight Limited 1,406 1,406 1.6 7.8 23.0
RevLifter Limited 1,159 1,159 1.3 16.3 21.8
Hublsoft Group Limited 1,138 922 1.3 7.3 16.4
CYSIAM Limited 1,095 448 1.2 5.8 22.0
Martel Instruments Holdings Limited 1,038 701 1.2 14.7 29.6
mypura.com Group Limited 1,023 621 1.2 2.3 22.4
(trading as Pura)
Whiterock Group Limited 1,014 1,014 1.2 11.2 26.7
Blackdot Solutions Limited 995 995 1.1 3.1 9.2
The Algorithm People Limited 961 486 1.1 5.7 9.5
(trading as Optimize)
MirrorWeb Holdings LLC(2) 929 929 1.1 1.5 3.5
ebb3 Limited 927 1,307 1.1 22.1 48.4
DiffusionData Limited 919 780 1.0 4.1 17.3
Biorelate Limited 909 547 1.0 2.5 25.1
Delio Limited 903 1,294 1.0 5.2 10.0
Plyable Limited 826 826 0.9 11.8 47.3
Nano Interactive Group Limited 819 727 0.9 4.0 11.9
RiskSmart Limited 795 318 0.9 3.8 41.8
Sensoteq Limited 782 782 0.9 6.6 21.1
Precursive Limited 750 750 0.9 5.5 29.0
Laverock Therapeutics Limited 746 746 0.8 2.5 10.9
Flow UK Holdings Limited 735 1,047 0.8 12.7 22.3
Growth Capital Ventures Limited 650 639 0.7 11.5 36.0
Novatus Global Limited(3) 627 134 0.7 0.8 3.4
CODILINK UK Limited 600 400 0.7 1.1 3.8
(trading as Coniq)
Metrion Biosciences Limited 597 597 0.7 4.3 13.9
Enpal Limited 581 581 0.7 3.2 18.4
(trading as Guru Systems)
NorthRow Limited 535 1,699 0.6 12.3 20.5
Arimon Limited (trading as Digilytics) 504 504 0.6 3.7 11.1
iAM Compliant Limited 492 298 0.6 3.9 45.3
Automated Analytics Limited 477 247 0.5 1.6 30.4
Fixtuur Limited 470 1,198 0.5 8.1 49.3
(formerly Shortbite Limited)
Horizon Technologies Consultants 466 448 0.5 3.1 14.1
Limited
Boomerang Commerce Inc 456 1,164 0.5 0.2 0.3
(trading as CommerceIQ)(4)
Connected Data Company Limited 423 423 0.5 3.9 11.8
TC Communications Holdings Limited 413 958 0.5 12.6 22.7
McKenzie Intelligence Services 403 159 0.5 1.6 4.8
Limited
Alderley Lighthouse Labs Limited 386 386 0.4 8.0 56.1
AMufacture Limited 385 385 0.4 6.8 21.8
Filtered Technologies Limited 382 1,248 0.4 9.7 15.8
Kani Payments Holdings Limited 348 348 0.4 2.1 12.7
HiveHR Limited 346 346 0.4 4.4 40.2
PowerPhotonic Limited 325 325 0.4 2.7 19.0
Cat Tech International Limited 314 314 0.4 - -
Snappy Shopper Limited 309 309 0.4 0.4 1.3
Zing TopCo Limited (trading as Zing) 185 185 0.2 4.9 42.8
MaxCyte Inc(5) 183 207 0.2 0.1 1.0
XR Games Limited 167 355 0.2 5.2 55.8
Reed Thermoformed Packaging 140 100 0.2 0.5 11.8
Limited (trading as iPac Packaging
Innovations)
Kerrera TopCo Limited 129 129 0.1 0.1 39.6
(trading as Kube Networks Limited)(6)
C4X Discovery Holdings PLC(7) 96 137 0.1 0.4 0.5
Other unlisted investments 29 4,175 -
Total unlisted 62,870 53,643 71.3
AIM quoted(8)
Diaceutics PLC 243 161 0.3 0.2 2.6
SkinBio Therapeutics PLC 211 208 0.2 0.6 -
GENinCode PLC 208 886 0.2 3.6 9.4
KRM22 PLC 145 220 0.2 1.2 -
Oxford Metrics PLC 117 80 0.1 0.2 -
One Media IP Group PLC 93 186 0.1 1.1 7.4
Eden Research PLC 90 160 0.1 0.5 4.0
Cambridge Cognition Holdings PLC 48 62 0.1 0.4 3.5
Kanabo Group PLC(9) 47 2,986 0.1 3.7 6.3
Creo Medical Group PLC 36 497 0.1 0.1 0.4
Vianet Group PLC 35 49 0.1 0.1 1.3
TPXimpact Holdings PLC 31 107 0.1 0.2 -
Avacta Group PLC 30 16 - - -
Spectral AI Inc 29 99 - - -
Pulsar Group PLC 26 35 - 0.1 0.4
Hardide PLC 16 122 - 0.2 5.6
Verici Dx PLC 14 271 - 0.5 4.9
ReNeuron Group PLC 13 277 - 0.7 1.4
Angle PLC 10 82 - - -
Other quoted investments 25 1,191 -
Total AIM quoted 1,467 7,965 1.7
Private equity investment trusts(10)
HgCapital Trust PLC 1,079 530 1.2 - 0.1
ICG Enterprise Trust PLC 547 381 0.6 0.1 0.2
Patria Private Equity Trust PLC 537 367 0.6 0.1 0.2
CT Private Equity Trust PLC 401 293 0.5 0.1 0.3
Partners Group Private Equity Limited 323 336 0.4 0.1 0.1
(formerly Princess Private Equity Holding
Limited)
NB Private Equity Partners Limited 320 371 0.4 - 0.2
Apax Global Alpha Limited 291 344 0.3 - 0.1
HarbourVest Global Private Equity 271 153 0.3 - -
Limited
Pantheon International PLC 148 99 0.1 - 0.1
Total private equity investment trusts 3,917 2,874 4.4
Infrastructure investment trusts(10)
Pantheon Infrastructure PLC 284 250 0.3 0.1 0.2
3i Infrastructure PLC 273 260 0.3 - -
International Public Partnerships 223 270 0.3 - -
Limited
Foresight Environmental Infrastructure 172 260 0.2 - 0.1
Limited (formerly JLEN Environmental
Assets Group Limited)
Foresight Solar Fund Limited 123 125 0.1 - 0.1
Total infrastructure investment trusts 1,075 1,165 1.2
Fixed income investment trusts(10)
TwentyFour Select Monthly Income 180 196 0.2 0.1 -
Fund Limited
Total fixed income investment trust 180 196 0.2
Global equity investment trusts(10)
Alliance Witan PLC 183 149 0.2 - -
(formerly Alliance Trust PLC)
JPMorgan Global Growth & Income PLC 149 125 0.2 - -
Total global equity investment trusts 332 274 0.4
Real estate investment trusts(10)
Tritax BigBox REIT PLC 156 153 0.2 - -
Land Securities Group PLC 111 107 0.1 - -
Total real estate investment trusts 267 260 0.3
Open-ended investment companies(10)
Royal London Short Term Money 1,004 1,026 1.2 - -
Market Fund (Class Y Income)
Royal London Short Term Fixed 996 1,000 1.1 0.1 0.2
Income Fund (Class Y Income)
Total open-ended investment companies 2,000 2,026 2.3
Money market funds(10)
abrdn Liquidity Fund (Lux) - Sterling 1,000 1,000 1.2 - -
Fund K-1 Inc GBP
Aviva Investors Sterling Government 1,000 1,000 1.2 - -
Liquidity Fund (Class 3)
Aviva Investors Sterling Liquidity 1,000 1,000 1.1 - -
Fund (Class 3)
BlackRock Institutional Sterling 1,000 1,000 1.1 - -
Government Liquidity Fund (Core Dis)
BlackRock Institutional Sterling 1,000 1,000 1.1 - -
Liquidity Fund (Core)
Goldman Sachs Sterling Government 1,000 1,000 1.1 0.4 0.9
Liquid Reserves Ireland (Institutional)
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.1 - -
Fidelity Institutional Liquidity Sterling 500 500 0.6 - 0.2
Fund (Class F)
Total money market funds 7,500 7,500 8.5
Total investments 79,608 75,633 90.3
( )
(1 Other clients of Maven Capital Partners UK LLP.)
(2 This holding represents the retained minority interest following
the partial sale of the holding in MirrorWeb Limited in August 2024, with a
proportion of the proceeds being re-invested in the new entity, Mirrorweb
Holdings LLC.)
(3 This holding reflects the retained minority interest following
the sale in September 2024.)
(4 This holding reflects the retained minority interest
following the sale of e.fundamentals (Group) Limited to CommerceIQ in July
2022.)
(5 This company delisted from AIM during the period.)
(6 Your Company gained an equity holding in Kerrera TopCo Limited
(trading as Kube Networks Limited) as a result of an all share transaction to
acquire ISN Solutions Group Limited.)
(7 This company delisted from AIM during a previous period.)
(8 Investments are quoted on AIM with the exception of Kanabo Group
PLC, which is listed on the Main Market of the London Stock Exchange.)
(9 The holding in this investment resulted from the sale of The GP
Service (UK) Limited, which completed in February 2022. The unlisted shares in
Kanabo GP Limited were, in accordance with the terms of the original
transaction, exchanged for shares in Kanabo Group PLC, which is listed on the
Main Market of the London Stock Exchange.)
(10 Treasury management portfolio.)
Income Statement
For the Six Months Ended 30 June 2025
Six months ended Six months ended Year ended
30 June 2025 (unaudited) 30 June 2024 (unaudited) 31 December 2024 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/gain on investments - (1,031) (1,031) - 3,630 3,630 - 3,107 3,107
Income from investments 672 - 672 792 - 792 1,522 - 1,522
Other income 135 - 135 87 - 87 227 - 227
Investment management fees (215) (860) (1,075) (212) (850) (1,062) (437) (1,746) (2,183)
Other expenses (244) - (244) (222) - (222) (438) - (438)
Net return on ordinary 348 (1,891) (1,543) 445 2,780 3,225 874 1,361 2,235
activities before taxation
Tax on ordinary activities - - - - - - - - -
Return attributable to Equity Shareholders 348 (1,891) (1,543) 445 2,780 3,225 874 1,361 2,235
Earnings per share (pence) 0.23 (1.25) (1.02) 0.32 1.97 2.29 0.62 0.96 1.58
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the
Company.
The revenue and capital return columns are prepared in accordance with the AIC
SORP. All items in the above statement derive from continuing operations. No
operations were acquired or discontinued during the period.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted earnings per share figures are relevant. The basic and diluted
earnings per share are, therefore, identical.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
For the six months ended 30 June 2025
Non-distributable reserves Distributable reserves
Six months ended 30 June 2025 (unaudited)
Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 31 December 2024 14,161 48,455 1,634 8,239 8,192 1,799 1,752 84,232
Net return - - - (782) (249) (860) 348 (1,543)
Dividends paid - - - - - (2,325) (387) (2,712)
Repurchase and cancellation of shares (325) - 325 - - (1,824) - (1,824)
Net proceeds of share issue 1,656 8,090 - - - - - 9,746
Net proceeds of DIS issue* 45 193 - - - - - 238
Transfer between distributable reserves - - - - (5,000) 5,000 - -
At 30 June 2025 15,537 56,738 1,959 7,457 2,943 1,790 1,713 88,137
Non-distributable reserves Distributable reserves
Six months ended 30 June 2024 (unaudited) Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Net return - - - 2,739 891 (850) 445 3,225
Dividends paid - - - - - (2,295) (215) (2,510)
Repurchase and cancellation of shares (221) - 221 - - (1,285) - (1,285)
Net proceeds of share issue 916 4,657 - - - - - 5,573
Net proceeds of DIS issue* 42 188 - - - - - 230
At 30 June 2024 14,333 48,315 1,417 11,889 5,065 6,453 1,678 89,150
Non-distributable reserves Distributable reserves
Year ended 31 December 2024 (audited) Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Net return - - - (911) 4,018 (1,746) 874 2,235
Dividends paid - - - - - (4,782) (570) (5,352)
Repurchase and cancellation of shares (438) - 438 - - (2,556) - (2,556)
Net proceeds of share issue 916 4,589 - - - - - 5,505
Net proceeds of DIS issue* 87 396 - - - - - 483
At 31 December 2024 14,161 48,455 1,634 8,239 8,192 1,799 1,752 84,232
*DIS represents the Dividend Investment Scheme as detailed in the Interim
Review.
The capital reserve unrealised is generally non-distributable other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments which are distributable.
Where all, or an element, of the proceeds of sales have not been received in
cash or cash equivalent, and are not readily convertible to cash, they do not
qualify as realised gains for the purposes of distributable reserves
calculations and therefore do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 30 June 2025
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss 79,608 82,736 74,130
Current assets
Debtors 798 1,486 763
Cash 8,129 5,243 9,670
8,927 6,729 10,433
Creditors
Amounts falling due within one year (398) (315) (331)
Net current assets 8,529 6,414 10,102
Net assets 88,137 89,150 84,232
Capital and reserves
Called up share capital 15,537 14,333 14,161
Share premium account 56,738 48,315 48,455
Capital redemption reserve 1,959 1,417 1,634
Capital reserve - unrealised 7,457 11,889 8,239
Capital reserve - realised 2,943 5,065 8,192
Special distributable reserve 1,790 6,453 1,799
Revenue reserve 1,713 1,678 1,752
Net assets attributable to Ordinary Shareholders 88,137 89,150 84,232
Net asset value per Ordinary Share (pence) 56.72 62.19 59.47
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered
number SC272568, were approved by the Board and were signed on its behalf by:
Fraser Gray
Director
29 August 2025
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 30 June 2025
Six months ended Six months ended 30 June 2024 Year ended
30 June 2025 (unaudited) 31 December 2024
(unaudited) £'000 (audited)
£'000 £'000
Net cash flows from operating activities (604) (612) (597)
Cash flows from investing activities
Purchase of investments (9,668) (7,567) (13,830)
Sale of investments 3,201 5,861 20,432
Net cash flows from investing activities (6,467) (1,706) 6,602
Cash flows from financing activities
Equity dividends paid (2,712) (2,510) (5,352)
Net proceeds of DIS issue 9,828 234 5,615
Issue of Ordinary Shares 238 5,664 500
Repurchase of Ordinary Shares (1,824) (1,285) (2,556)
Net cash flows from financing activities 5,530 2,103 (1,793)
Net (decrease)/increase in cash (1,541) (215) 4,212
Cash at beginning of period 9,670 5,458 5,458
Cash at end of period 8,129 5,243 9,670
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 30 June 2025 and the six
months ended 30 June 2024 comprises non-statutory accounts within the meaning
of S435 of the Companies Act 2006. The financial information contained in this
report has been prepared on the basis of the accounting policies set out in
the Annual Report and Financial Statements for the year ended 31 December
2024, which have been filed at Companies House and contained an Auditor's
Report that was not qualified and did not contain a statement under S498(2) or
S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of issue costs, including £84,264
current period (cumulative £333,719) trail commission. This reserve is
non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the
capital redemption reserve. This reserve is non-distributable.
Capital reserve - unrealised
Increases and decreases in the fair value of investments are recognised in the
Income Statement and are then transferred to the capital reserve unrealised
account. This reserve is generally non-distributable, other than the part of
the reserve relating to gains/(losses) attributable to readily realisable
quoted investments which are distributable.
Capital reserve - realised
Gains or losses on investments realised in the year that have been recognised
in the Income Statement are transferred to the capital reserve realised
account on disposal. Furthermore, any prior unrealised gains or losses on such
investments are transferred from the capital reserve unrealised account to the
capital reserve realised account on disposal. This reserve is distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is
represented in the special distributable reserve account. The special
distributable reserve also represents capital dividends, capital investment
management fees and the tax effect of capital items. This reserve is
distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company
that have not been distributed to Shareholders. This reserve is distributable.
3. Return per Ordinary Share
Six months ended 30 June 2025
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 150,897,274
Revenue return £348,000
Capital return (£1,891,000)
Total return (£1,543,000)
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
· the Financial Statements for the six months ended 30 June 2025 have
been prepared in accordance with FRS 102, the Financial Reporting Standard
applicable in the UK and the Republic of Ireland;
· the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R in relation to the indication of important
events during the first six months, and of the principal and emerging risks
and uncertainties facing the Company during the second six months, of the year
ending 31 December 2025; and
· the Interim Management Report includes adequate disclosure of the
information required by DTR 4.2.8R in relation to related party transactions
and any changes therein.
Other information
The NAV per Ordinary Share has been calculated using the number of Ordinary
Shares in issue at 30 June 2025, which was 155,386,926. A Summary of
Investment Changes for the six months under review and an Investment Portfolio
Summary as at 30 June 2025 are included above. A full copy of the Interim
Report and Financial Statements will be printed and issued to Shareholders in
due course. Copies of this announcement will be available to the public at the
registered office of the Company at Kintyre House, 205 West George Street,
Glasgow G2 2LW; at the office of the Manager, Maven Capital Partners UK LLP,
Saddlers House, 44 Gutter Lane, London, EC2V 6BR; and, in due course, on the
Company's webpage at mavencp.com/migvct4 (http://www.mavencp.com/migvct4) .
Neither the content of the Company's webpages nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Secretary
29 August 2025
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